Smith Settles Dispute
NEWPORT BEACH —
Smith Technology Corp. said it has reached a tentative settlement with a group that had received an arbitration award of $4.5 million stemming from a dispute over the operation of a recycling and processing plant near Portland, Ore.
Under terms of the settlement, Smith Technologies agreed to make payments of at least $2.25 million to PRP Group for up to six years.
The dispute involves a contract between PRP Group and Canonie Environmental Services Corp. before Canonie was acquired by Smith Technologies. Canonie designed and operated the plant.
